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Apply for a Easy Access Cash ISA Account

A great rate, tax free

Our Easy Access Cash ISA account is called ‘Easy’ because it is. You get the tax benefits of a cash ISA, while still enjoying access to your money when you need it. Make as many withdrawals as you like, (subject to a minimum withdrawal amount) without giving us notice, and manage your account online. Interest is paid annually or monthly - it’s your choice.

You can invest up to the current limit for the tax year, and if you have ISA balances elsewhere, you can transfer them in to keep your savings in one accessible place.

Easy Access Cash ISA Account Issue 4
AER
1.30%
Gross
1.30% Annually
1.29% Monthly

Before you apply for an account please read the following information:
The product summary below, the Key Product Information, the Terms and Conditions and the Depositor Protection Scheme Information documents.

 

Account Name

Easy Access Cash ISA - Issue 4

 

What is the interest rate?

Interest rate for balances of £1,000 or more:

Annual Interest (Variable/Tax Free) 1.30% Gross / AER 
Monthly Interest (Variable/Tax Free) 1.29% Gross / 1.30% AER

Interest rate for balances of £1-£999.99 (this rate only applies if your account falls below the minimum operating balance);

0.25% Gross/AER (Variable/Tax Free)

Interest is calculated daily. If you have opted for annual interest we credit the interest on the anniversary of date of receipt of your first deposit. If you have opted for monthly interest we credit the interest on the monthly anniversary of the date of receipt of your first deposit. If the anniversary falls on a weekend or a bank holiday your interest will be credited on the next working day.

 

Can Shawbrook Bank change the interest rate?

The interest rate is variable and may be altered in accordance with the account Terms and Conditions and Section 17 Change To Interest Rates of our Terms and Conditions for Personal Savings Accounts.

 

What would the estimated balance be after 12 months based on a £1,000 deposit?

A deposit of £1,000 at an annual gross rate of 1.30% (variable) would generate an estimated balance of £1,013 in one year - This is for illustrative purposes only.

(This illustrative example assumes no withdrawals, no changes to the variable interest rate over the period and interest is paid and compounded annually on a cleared deposit. Interest is rounded to the nearest pound. The illustrative example does not take into account the individual circumstances of a customer.)

 

How do I open and manage the account?

  • You can only apply for this product online. This account can be operated online, through secure message and by telephone on 0345 266 6611. You may be required to provide specific instructions via post. 
  • Minimum account opening balance of £1,000.
  • Minimum account operating balance £1,000.
  • Maximum account deposit is £20,000 in the current 2018/2019 tax year.
  • Maximum account balance is £250,000
  • To open an account you must be 18 years of age or over and a permanent UK resident and only liable for UK tax. A Cash ISA can only be held in the name of one person, joint accounts are not permitted. You can only open and operate one Cash ISA account with Shawbrook Bank in any single tax year.
  • The account cannot be opened by power of attorney/guardianship/intervention order holders acting for an account holder.

Can I withdraw money?

  • Withdrawals can be made online at any time without notice and there are no limitations on the number of withdrawals you can make.
  • The Cash ISA is not flexible and you may not be able to re-deposit withdrawn funds if the re-deposit amount takes you above the maximum annual Cash ISA subscription limit in that specific tax year.
  • Withdrawals are made to your nominated account only.
  • The minimum account withdrawal amount is £500. Where a withdrawal request is received prior to 2:30pm on a working day, your funds should be received into your nominated account on the next working day.
  • For full details see our Terms and Conditions for Personal Savings Accounts.

 

Additional Information

  • Interest is paid GROSS (tax free)
  • Transfers in from other Cash ISA or Stocks and Shares ISA providers are permitted. Requests to transfer funds into an account from another ISA provider must be made at the same time as your initial account application. Simply provide the details of your existing ISAs during the application process and sign and return the ISA transfer form to Shawbrook Bank. Requests received after your initial account application may be refused.

 

The information provided in the summary box above is a summary of the key features of the savings account and is not intended to be a substitute for reading the terms and conditions that apply to the account.

 

Financial Services Compensation Scheme (FSCS)

Your eligible deposits with Shawbrook Bank Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered. For further information or visit www.fscs.org.uk

 

Terms Explained

AER. This stands for Annual Equivalent Rate. If you left a sum of money in your account all year, the AER would be the interest rate you’d get if we paid you interest during the course of the year and your subsequently higher balance then earned more interest (this is known as Compound Interest). The AER will only be higher than the gross interest rate where we pay you interest more than once a year. We quote the AER on all of our accounts so that you can compare our products with those of other banks.

GROSS is the interest rate without the deduction of income tax. This is the interest rate paid on your account.

Terms & Conditions for Personal Accounts

 

Regulation 

Shawbrook is authorised by the Prudential Regulation Authority and regulated by​ the Financial Conduct Authority and the Prudential Regulation Authority. The FCA & PRA regulate many different kinds of financial services companies, and make sure that banks treat their customers fairly. Find out more at www.fca.org.uk or www.bankofengland.co.uk/pra

Cash ISA accounts

Tax Free Savings

We offer many of our savings accounts as ISAs, too. Invest up to £20,000 this tax year, and you won’t pay tax on any income you receive. We currently offer an Easy Cash ISA Account and Fixed Rate Cash ISA Bonds over 1, 2, 3 or 5 years, so you can choose an account that suits you.

Easy Access Cash ISA Account Issue 4 Summary PDF
AER
1.30%
Gross
1.30% Annually
1.29% Monthly
Min Balance
£1,000
Max Balance
£250,000
1 Year Fixed Rate Cash ISA Bond Issue 25 Summary PDF
AER
1.51%
Gross
1.51% Annually
1.50% Monthly
Min Balance
£5,000
Max Balance
£250,000
2 Year Fixed Rate Cash ISA Bond Issue 24 Summary PDF
AER
1.75%
Gross
1.75% Annually
1.74% Monthly
Min Balance
£5,000
Max Balance
£250,000
3 Year Fixed Rate Cash ISA Bond Issue 9 Summary PDF
AER
1.85%
Gross
1.85% Annually
1.83% Monthly
Min Balance
£5,000
Max Balance
£250,000
5 Year Fixed Rate Cash ISA Bond Issue 11 Summary PDF
AER
2.15%
Gross
2.15% Annually
2.13% Monthly
Min Balance
£5,000
Max Balance
£250,000

How much can I save in a Cash ISA?

Cash ISAs can accept up to £20,000 in total in the current tax year, 2018/19. Remember you can split your total £20,000 into cash ISAs (such as our savings accounts) and stocks and shares ISAs, and it can be invested with different providers as long as the total doesn’t exceed the limit.

You can transfer other ISA balances into your new Shawbrook ISA, up to the maximum account balance for your product. If these balances are from previous tax years, they don’t count towards the £20,000 limit in the current tax year.

Terms explained

AER stands for Annual Equivalent Rate and illustrates the interest rate if it was paid and compounded each year. We quote the AER on all of our accounts so that you can compare our products with those of other banks.

GROSS is the interest rate without the deduction of income tax. This is the interest rate paid on your account.

Terms & Conditions for Personal Accounts

Financial Services Compensation Scheme (FSCS)

Your eligible deposits with Shawbrook Bank Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered. For further information or visit www.fscs.org.uk

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